Notification of changes to Terms & Conditions – March 2026
Notification of changes to Terms & Conditions of HFMC Asset Management and Transact as a key platform provider
We have been informed of updates to the Terms & Conditions of HFMC Asset Management Ltd (“HFMCAM”) and to the operational Terms & Conditions of Integrafin (“Transact”). As we act as the client of HFMCAM on your behalf, we are sharing these changes for your awareness.
Transact – What Happens Upon Notification of Death
When Transact receives written notification of a client’s death:
- All adviser and discretionary manager payments will stop for assets not jointly held.
- All regular contributions and withdrawals on solelyowned accounts will cease.
This reflects the termination of the adviser–client agreement on death for nonjoint assets.
HFMC Asset Management – Changes to Investment Activity
Following written notification of a client’s death, HFMCAM will:
- Immediately suspend discretionary and advisory investment management activity.
- Complete any trades already in progress.
- Hold assets on a “care and maintenance” basis only (chargeable custody services continue, but there is no rebalancing or active investment decisions).
- Cease Model Portfolio Service fees from the date of death (custody charges continue).
These changes reflect FCA Consumer Duty expectations that investment activity cannot continue without explicit executor authority.
How HFMC Wealth Can Support Your Executors
We understand that estate administration can feel overwhelming for families. While we cannot continue investment advice after a client’s passing, our team can:
- Provide financial information required for probate.
- Explain each investment manager’s position and permitted actions before probate.
- Help executors understand changes to portfolio management postdeath.
- Offer additional administrative support if requested (e.g., liaising with providers, guiding executors through estaterelated financial processes).
This support is optional and can be tailored to your family’s needs.
Investment Decisions During Probate
Executors’ powers are restricted by law and differ from those of trustees:
- Executors are responsible for collecting the estate, settling debts/taxes, and distributing assets—not ongoing investment management.
- They must prioritise capital preservation and avoid unnecessary risks.
- Continuing investments without assessing suitability could expose executors to personal liability for losses.
- In most cases, this means executors cannot continue active investing unless expressly authorised.
HMRC guidance confirms that executor duties are temporary and administrative, whereas trustees manage assets longterm.
Fees During the Probate Period
If executors choose to engage HFMC Wealth for administrative support:
- Adviser fees cannot normally be taken from the deceased’s account.
- Fees may instead be paid by:
– a beneficiary pension (preApril 2027),
– an executor’s own portfolio, or
– external invoicing to the estate.
